(MENAFN- AzerNews)
Qabil Ashirov Read more
Azerbaijani Minister of Economy Mikayil Jabbarov is on a visitto Moscow to discuss bilateral trade and economic cooperation, Azernews reports, citing the Russian media.
The minister met with Deputy Prime Minister and Minister ofIndustry and Trade of Russia Denis Manturov and Chairman of thecountry's Central Bank Elvira Nabiullina.
Information about the negotiations was disseminated by the pressservices of the Central Bank of the Russian Federation and theRussian Cabinet of Ministers.
The Azerbaijani minister of economy and the head of the CentralBank talked about the economic situation in both countries,discussed bilateral trade and economic relations, and touched uponsome aspects of the Russian-Azerbaijani financial agenda.
It should be noted that during the visit of Russian Minister ofEconomic Development Maxim Reshetnikov to Baku in early March 2024,he called for expanding interaction between the banks of the twocountries and connecting Azerbaijani banks to the financial messagetransmission system of the Bank of Russia.
In addition, negotiations between Jabbarov and Manturov alsotook place in Moscow.
“The Russian-Azerbaijani trade is demonstrating good dynamics interaction in the field of industry is developing generallypositively - a number of large cooperation projects are beingimplemented in key sectors of the economy,” said Manturov.
As an example, the deputy prime minister cited such industriesas automotive and railway engineering, and also noted aircraftmanufacturing and pharmaceuticals. In addition, the minister spokeabout the great potential that exists in online trading.
Manturov also invited the Azerbaijani minister to theinternational industrial exhibition“Innoprom.” It will take placein Yekaterinburg in July.
In March, during a meeting with Reshetnikov in Baku, MikayilJabbarov noted that there is great potential for increasing tieswith Russia in industry, transport, environmental protection, andagriculture, as well as for new areas of cooperation.“Therealization of this potential is the main priority on the economicagenda for us,” Jabbarov emphasised.
Russia is one of the five largest investors in the Azerbaijanieconomy. At the end of last year, the country invested almost $274million in Azerbaijan. Currently, various projects with Russianparticipation are being implemented in the republic for a totalamount of almost $624 million - from IT and aircraft manufacturingto medical and light industry.
At the end of 2023, trade turnover reached $4.1 billion and grewin physical volumes by almost a third. At the same time, more thanhalf of Russian-Azerbaijani trade is carried out in nationalcurrencies - 54.2%.
More than 70 Russian entities cooperate with Azerbaijan. Themost actively developing trade relations with Azerbaijan are Moscowand St. Petersburg, the Moscow, Chelyabinsk, Nizhny Novgorod,Sverdlovsk, and Saratov regions, the Stavropol and Krasnodarterritories, and the Republic of Tatarstan.
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